Here we are again, testing the key 1,130 target overhead resistance level for the third time in the last three months. The simple question is “Will resistance hold or will it break?” and of course you can get a lot more complex than that, but I strongly advocate you think in those terms – as…
I wanted to give a quick update on the post I wrote on Friday entitled: “Intraday Triangle Forecasts SPY Breakout.” After this morning’s upside gap and quick rally, we officially & successfully hit the initial upside target forecast by the pattern. Go back and review the post and then take a look at the quick…
Have you seen the triangle pattern that’s been forming over the last few days in the S&P 500 or SPY? If not, let’s take a few chart glances at the pattern, explain what it means, and what we can expect in the week ahead from the pattern. First, the pure price glimpse at the ascending…
If you’re watching or trading the Euro, there’s a key level right here that you need to watch closely to see what the outcome of this important test is. What is that boundary? Let’s look first at the Euro Index ($XEU) and then note the same level in the respective Euro ETF: FXE The chart…
A lot of traders have been puzzled lately by the strength in homebuilder stocks in the face of some of the worst economic data that just came out about the housing market. Remember, the stock market is (generally) a leading indicator of economic activity so perhaps the poor news was already “baked into” the price…
While most traders pay much more attention to gold, silver is trying to vie for their attention currently. While gold rallied into a known resistance area recently, silver quietly broke to new recovery – and new 52-week highs. The question now remains – is the breakout real or just a trap? Let’s start with the…
This morning, we saw price pause and decline from the 1,100 level in the S&P 500. Let’s take a closer look at that level to see its significance, and the other key reference price levels to watch that have more importance. S&P 500 “Pure Price” Daily Chart: Let’s start first with the horizontal (highlighted) line…
Did you see the strength in Deere & Co (DE) last week? If you missed it, here’s a closer look and what it might mean for the bigger picture if the stock breaks above key resistance to new recovery highs. The chart above shows the Daily Structure and recent strength in DE – specifically last…
The markets for some reason are much more sensitive to pattern repetition lately – so that begs the question: “Will the current rally pattern continue?” Oh – first, let’s define the rally pattern and then see what the current ‘pattern completion’ and target is. Officially, we’re in a sideways trading range that began in June…
What are market internals saying about the recent rally? They strengthened with a positive divergence ahead of this week’s rally but now…. Let’s take a quick look at S&P 500 Market Internals as they stand now: First, let’s start with the positive divergence signal sent on August 31st from Market Internals. As I show frequently,…